Solomon Islanders can now pay for Climate Risk Insurance through M-SELEN
Honiara, Solomon Islands: Our Telekom’s M-SELEN has partnered with Trans Pacific Assurance Limited (TPAL) and youSave of the Solomon Islands National Provident Fund (SINPF) to make premium payments and claim payouts for TrigaCash, a new Climate Risk Insurance product, easily accessible nationwide.
The partnership allows Solomon Islanders to pay for TrigaCash directly from their M-SELEN wallet using the M-SELEN App or by dialing *123#, giving families, farmers, fishers, and small business owners a simple way to protect their livelihoods against cyclones, heavy rainfall, and drought.
TrigaCash is the first parametric microinsurance product designed for the Solomon Islands, underwritten by TPAL with technical and financial support from the United Nations Capital Development Fund (UNCDF) through its Pacific Insurance and Climate Adaptation Programme (PICAP).
“This partnership is a major step toward inclusive financial resilience,” said Majidul Haque, Head of M-SELEN. “By linking M-SELEN to TrigaCash, we are helping Solomon Islanders prepare for climate shocks before they happen and rebuild stronger when they do.”
“The Solomon Islands faces growing climate risks that threaten communities, agriculture, and livelihoods. Through this collaboration, TPAL, M-SELEN, and youSave are working together to deliver practical solutions that make insurance affordable and accessible to everyone, especially those traditionally excluded from the formal financial system” said Wilson Hano, Manager Employer and Member Services—SINPF.
Diana Tasion, Country Manager TPAL SI, pointed out that “TrigaCash offers two annual coverage options; $2,000 and $4,000, with annual premiums of 8% of the insured amount ($160 or $320, respectively). Payouts are automatic, based on verified rainfall or wind data, and can be received in multiple events within a single year up to the total insured value. Policyholders are encouraged to maintain their cover year-round to ensure immediate assistance when extreme weather events occur.”
This partnership between M-SELEN, TPAL, and youSave, with support from the Central Bank of Solomon Islands, marks an important milestone in expanding access to financial safety nets for vulnerable communities, reinforcing the Solomon Islands’ commitment to building climate-resilient livelihoods through digital innovation that aims to ensure that no one is left behind.
About M-SELEN
M-SELEN is Our Telekom’s mobile money service that empowers Solomon Islanders to send, receive, and pay money digitally. It connects customers, agents, and businesses across all provinces through secure, fast, and convenient transactions, promoting financial inclusion and supporting national development through digital finance.
About Trans Pacific Assurance Limited (TPAL)
TPAL is a licensed insurance company in the Solomon Islands offering innovative, inclusive, and affordable insurance solutions. Through products such as TrigaCash, TPAL works to strengthen community resilience against climate risks and financial shocks.
About youSave (SINPF)
youSave, an initiative of the Solomon Islands National Provident Fund (SINPF), drives financial inclusion by providing informal sector workers with opportunities to save, invest, and access credit and microinsurance through reliable local partnerships
About the Pacific Insurance and Climate Adaptation Programme (PICAP)
The United Nation’s Pacific Insurance and Climate Adaptation Programme aims to enhance financial resilience in the Pacific by developing inclusive climate and disaster risk financing and insurance solutions for vulnerable populations. The Programme is structured as a regional multi-year programme and receives funding from the Governments of Australia and New Zealand.